Xmet (TSX: V.XME, Stock Forum) announced the successful completion of its Versatile Time Domain Electromagnetic Surveying (“VTEM”) survey consisting of 215 line kilometres over the Blackflake West project located approximately 60 kilometres northwest of Hearst, Ontario, Canada.
According to the news release, results from the VTEM showed four conductors including a very large circular conductive anomaly with a diameter of approximately 750 metres which contained the 'All Channel' EM anomaly with very clear late channels responses.
The aforementioned response's magnitude within the bedrock shows the potential for a large graphitic or a volcanogenic massive sulfide source and therefore is slated for drilling at the earliest opportunity.
Ground geophysics will be carried out next to better define th conductive source and its depth estimation.
Company Chairman and CEO, Alexander Stewart, commented on the findings, “We are very excited about the results of the survey. If you look at the images from the VTEM survey, in the northeast quadrant you will notice a very large response precisely where we discovered the 'All Channel' response.”
He went on to explain, “With this target now confirmed by tightly spaced flight lines we have a much higher definition look at what we are dealing with. Nine east-west lines and eight north-south lines intersected the target and picked 'All Channel' responses, so we can see that there is a significant anomaly that rests within the bed rock in terms of size and conductivity.”
Then he concluded, “This is the precise result we were hoping for and we look forward to drilling this to determine the nature of this anomaly.”
Xmet was in the news recently when the Toronto-based company announced expanding the Blackflake West land package almost two weeks ago.
Shares climbed 28.57% on the news to $0.045 per share.
Currently there are 81.0m outstanding shares with a market cap of $3.6 million.